John Gruber, in his review of the iPhone XS camera:
iPhones can’t compete with big dedicated cameras in lens or sensor quality. It’s not even close. The laws of physics prevent it. But those traditional camera companies can’t compete with Apple in custom silicon or software, and their cameras can’t compete with iPhones in terms of always-in-your-pocket convenience and always-on internet connectivity for sharing. In the long run, the smart money is to bet on silicon and software.
I would add a fifth and a sixth big advantage of smartphones over dedicated cameras on top of the software, the silicon, the convenience and the connectivity for sharing, and it's the security of a passlock, and the connectivity for cloud backup.
What happens to your photos if your camera gets stolen or if you lose it? Anybody can access the pictures, and you have no backup. What if you lose your SD card while traveling for the weekend? Everytime I upload my Fuji XE-2 pictures into Lightroom, when I come back home to my computer, I feel relieved that these captured moments are now safe in the cloud. With my phone camera, I never truly have to think about it. There is obviously an app to connect my phone to the camera, but it's very slow and not permanent.
I wonder if we will see more 4G-enabled cameras in the future à la iPad (maybe there are a few already), it really seems like a no brainer, just for a found my camera feature.